Nifty - Elliott Wave Analysis.

by Dean Market Profile on Tuesday, February 28, 2012 in Elliott Wave, Indices, Nifty

Hourly EWP

Nifty rallied smartly today, but we may still be in a bigger corrective pattern. There are 3 possibilities now,
1. We completed wave [w] yesterday, and now rising in 3 waves for wave [x], only to fall down again in wave [y] to complete a DZZ correction in wave II.
2. We may be forming an irregular correction and may have started to rise wave [b] to reach the top of wave I, and then fall in a sharp wave [c] to complete wave II.
3. This possibility though I feel is less probable, but we may have completed a simple zigzag yesterday, and already started wave III up.

In simple English, we may get resisted in the 5450 - 5500 range and come down to 5200 - 5100 range. Or rise all the way to wave I top of 5630, and come down again to test the low of wave [a] at 5268.35 to complete wave [c] of II. And if we take out 5630 confidently we might be well on our way to wave III, and much higher prices in days to come.

About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

2 comments:

nitinsinojia28 February 2012 at 19:42
WE MAY TRADE IN RANGE OF 5488-5170 TILL 2ND WEEK OF MARCH LETS SEE...
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Tuesday, February 28, 2012

Nifty - Elliott Wave Analysis.

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